A loss may arise on a ‘relevant transaction’, which is one whose tax charge, were it a profit, is listed at s. 1016 of ITA 2007 (for income tax payers) or s. 1173 of CTA 2010 (for corporation tax). These provisions are also listed at BIM 100190.

The most commonly seen items are:

post-cessation trade or property receipts;

gains on life assurance policies;

royalties and other income from intellectual property;

sales of patent rights;

miscellaneous income not otherwise taxed (the old Schedule D VI income);

accrued income profits;

income taxed under anti-avoidance provisions, such as transfers of assets abroad or transactions in land; and

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